Investor Presentaiton

ANOH FINANCING STRUCTURE Robust funding structure with adequate headroom › Seplat and NGC will fund their equal share of the project, i.e. US$210 million each for a total of US$420 million > This equity of US$420 million, together with the US$320 million from the senior secured facility, will ensure a fully funded project with projected total development costs of US$700 million, including a contingency of US$40 million > Both debt and equity are denominated in US$ to de-risk the project by mitigating devaluation risk during construction. Funding paid / pending NGC SEPLAT (US$M) Funding status Funding paid / pending (US$M) Funding status 2 Oct 18 100.0 Funded 100.0 Funded 14 Dec 18 50.0 Funded 50.0 Funded Mar 20 Pending Total 0.0 Unfunded 30.0 Funded 60.0 Unfunded 30.0 Unfunded 210.0 210.0 NGC US$ 210 million 50% AGPC SEPLAT PIC US$ 210 million 50% Senior Debt up to US$ 320 million KEY Equity Senior Debt Sources Senior debt Equity Total US$ million 320 Uses 420 740 34 SEPLAT PETROLEUM DEVELOPMENT COMPANY PLC | INVESTOR PRESENTATION Construction Costs (base case) Financing fees Levies & taxes Stamp Duty Reserve Interest during construction Additional headroom Total US$ million 642 14 3 4 31 46 740

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